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UTAH POISED FOR SIGNIFICANT PANDEMIC RECOVERY
Salt Lake Tribune - Tony Semerad
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According to Tony Semerad of the Salt Lake Tribune, "Utah’s diverse economic engine not only weathered the pandemic, it also is poised to deliver a rebound that rivals any in the nation." The state's gross domestic product is now expected to grow by about 6.2% in 2021, which is exceptional considering ideal growth is usually between 2 - 3%. After entering the pandemic with one of the country's strongest economies and being recognized in the media for being the fastest in the US at job creation, our state unemployment rate is now at an enviable 2.5%.
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According to weekly U.S. census surveys, nearly half of Utahns said they live in households where one or more members telework. Construction also boomed in Utah during the pandemic. According to the U of U's David Eccles School of Business, the value of the state's residential, commercial, and other construction in January topped $1.1 billion. Construction and real estate were also deemed essential services in Utah at the start of the pandemic; demand for housing and a pipeline of building projects have kept that boom going.
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As noted in previous newsletters, large numbers of people are seeking suburban living in search of more rooms, home offices, or bigger backyards, while others are migrating to Utah from larger cities to find relatively less expensive real estate with more access to open landscapes and abundant outdoor recreation.
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UTAH IS NOW THE FASTEST GROWING STATE IN THE NATION
This week, the Associated Press announced that Utah's population grew by 18.4% over the past decade, making it the fastest-growing state. We are now the 30th most populated state, with nearly 3.28 million people, according to U.S. Census Bureau data released April 26, 2021. Utah's population growth from 2010 to 2020 far outpaced the national figure of 7.4%. “It’s no surprise that Utah was the fastest-growing state in the nation over the last decade,” House Speaker Brad Wilson tweeted. “Our beautiful landscapes, business and family-friendly policies, and endless opportunities are hard to beat.”
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Look for the complete
Market Pulse Report: 1st QUARTER 2021
in your inbox in a couple of weeks!
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If you are considering selling your property, now is the time to explore your spring/summer options and ready your home for sale. Buyer demand may have lessened some of the typical "come to market" standards, such as waiting for your landscaping to show at its best. However, you'll still find that decluttering, staging, and beginning the packing process, as well as making necessary high-return repairs, will drive greater market appeal. Let us guide you through this process, address your timing concerns, and advise on the best pricing strategy to meet your goals.
If you are a buyer competing in this market, we will advise you on strategies that have proven effective at similar price points or in specific neighborhoods. The local norms have changed significantly over the past year. A successful acquisition now requires fortitude, determination, and creativity!
We continue to analyze our statistics weekly, masterminding within our brokerage and our community to ensure we offer all the tools and guidance you need. Please reach out with any and all questions. While there has likely never been a better time to sell, a proper come-to-market strategy is essential in these conditions. Those looking to buy need to be armed with new tools and techniques. Please reach out to let us help you navigate this new paradigm.
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